Ayayai Hardware Store Inc. completed the following merchandising transactions in the month of May 2022. At the beginning of May, Ayayais ledger showed Cash of $ 6,400 and Common Shares of $ 6,400.

May 1 Purchased merchandise on account from Hilton Wholesale Supply for $ 6,400, terms 2/10, n/30.

2 Sold merchandise on account for $ 3,500, terms n/30. The cost of the merchandise sold was $ 2,600.

5 Received credit from Hilton Wholesale Supply for merchandise returned $ 160.

9 Received collections in full from customers billed on May 2.

10 Paid Hilton Wholesale Supply in full, less discount.

11 Purchased supplies for cash $ 700.

12 Purchased merchandise for cash $ 2,200.

15 Received $ 200 refund for return of poor-quality merchandise from supplier on cash purchase.

17 Purchased merchandise from Northern Distributors for $ 2,000, terms 2/10, n/30.

19 Paid freight on May 17 purchase $ 200.

24 Sold merchandise for cash $ 4,300. The cost of the merchandise sold was $ 3,200.

25 Purchased merchandise from Toolware Inc. for $ 600, terms 3/10, n/30.

27 Paid Northern Distributors in full, less discount.

29 Made refunds to cash customers for returned merchandise $ 100. The returned merchandise was returned to inventory and had cost $ 72.

31 Sold merchandise on account for $ 1,000, terms n/30. The cost of the merchandise sold was $ 700.

Ayayai Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales.

Record the above transactions.

Date Account Titles and Explanation Debit Credit